First-quarter revenue of $12.2 million, compared with $14.8 million in Q1 2023. Gross margin of 44%, level with Q1 2023 Q1 EBITDA adjusted of ($37) thousand compared with $2.8 million in Q1 2023 SimSports revenue of $2.2 million, up 69% from Q1 2023 In April, new OEM partner TRYX introduced a line of all-in-one CPU coolers, featuring unique new features including a custom display Full-year 2024 outlook maintained - expected revenue in the range of -5% to 5% compared with 2023, with adjusted EBITDA projected to be between 12% and 17% of revenue AALBORG, Denmark, April 30, 2024 /PRNewswire/ -- Asetek reported first-quarter revenue of $12.2 million, compared with $14.8 million in the same period of 2023. The change from last year reflects fewer shipments of liquid cooling products, partly offset by an increase in shipments of SimSports products. Gross margin was 44% for the first quarter, level with the same period of 2023. "As expected, the year started on a soft note due to generally higher than normal inventories among our customers. We expect demand and revenue to increase into the second half of the year based on customer communications, normalized inventories and new Liquid Cooling and SimSports products to start shipping in the second half of the year," said André Sloth Eriksen the CEO of Asetek. "We maintain our full-year expectations." Adjusted EBITDA was negative $37 thousand and operating loss was $1.4 million in the quarter, both compared with adjusted EBITDA of $2.8 million and operating income of $1.1 million in the first quarter of 2023. Operating expense in the quarter was $6.7 million, consistent with the quarterly run rate over recent quarters. Operating expense increased from $5.4 million in the first quarter of 2023, principally related to supply chain development and marketing for the SimSports business. Due to headcount reductions in 2022, the comparative expense figure in Q1 2023 was the lowest since Q2 2020. Depreciation and amortization was $1.3 million and share based compensation amounted to $36 thousand. In the first quarter, the Company invested $2.5 million in property, plant and equipment, including construction of a new development center and headquarters facility, and $0.4 million in capitalized costs for the development of new products. The Company drew $2.9 million on construction credit lines during the quarter. During the first quarter, the U.S. dollar strengthened by 2% against the Danish krone, ...